The Urgent Need For Banks To Upgrade To Post-quantum Cryptography

Published on

March 3, 2025

Written by

Jeremy Vaughn

Read time

6 mins

Jeremy Vaughn

Founder and CEO

Key Takeaways:

Quantum Milestone: Google's Willow, Microsoft's Majorana, and Amazon's Ocelot chips showcase critical advancements in quantum computing, signaling the accelerated need for quantum-resilient cryptography.
Financial Sector at Risk: As quantum computing approaches the capability to break traditional RSA encryption, financial institutions must act now to avoid compliance risks and secure customer data.
Regulatory Pressure: NIST's new guidelines highlight the urgency for banks to transition to post-quantum cryptography to avoid costly regulatory consent letters and maintain operational integrity.
Rimark's Approach: Partnering with industry leaders like QuSecure, Visa Direct, Google Cloud, and Accenture, Rimark offers a phased, quantum-resilient solution that begins with securing payments and expands to full infrastructure protection.

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The race toward post-quantum cryptography (PQC) is no longer a distant consideration for financial institutions (FIs)—it's an immediate imperative. With the National Institute of Standards and Technology (NIST) setting a new, more aggressive deadline for transitioning away from RSA encryption, the timeline for adopting PQC has accelerated sharply. Quantum computing advancements, such as Google’s Willow, Microsoft’s Majorana, and Amazon’s Ocelot chip, underscore how quickly the RSA cryptographic standards could become obsolete.

For banks, this shift is not merely a technical upgrade but a critical step to maintaining financial infrastructure security, avoiding costly regulatory consent letters, and preserving customer trust. The consequences of failing to act now could be dire, ranging from compliance risks to reputational damage.

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I. The Quantum Computing Threat to Financial Institutions

Quantum computing represents a paradigm shift in computational power, capable of solving complex problems exponentially faster than classical computers. While this leap forward brings exciting possibilities, it also introduces unprecedented risks—particularly to the cryptographic methods that secure our financial systems.

The RSA encryption algorithm, which underpins much of the security infrastructure for financial transactions and sensitive data, is especially vulnerable. Quantum computers like Google's Willow, Microsoft's Majorana, and Amazon’s Ocelot chip could theoretically break RSA encryption in minutes, exposing financial institutions to severe threats. Data breaches, financial fraud, and the compromise of sensitive customer information are not hypothetical scenarios—they are impending risks if FIs do not transition to quantum-resistant algorithms.

The fact that all major cloud providers—Google, Microsoft, and Amazon—are heavily investing in their own quantum chips underscores the urgency for financial institutions to upgrade to PQC. Each of these tech giants is not only advancing quantum computing but also integrating these capabilities into their cloud services, meaning that businesses relying on these clouds will soon be operating within a quantum-aware infrastructure.

Financial institutions also face heightened regulatory scrutiny. As NIST's updated guidelines make clear, the transition to PQC is not optional. Banks that fail to upgrade their cryptographic systems will face regulatory consent letters, which often lead to increased oversight, operational restrictions, and significant reputational damage. For an industry built on trust and security, the stakes could not be higher.

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II. Why Banks Need to Act Now

The urgency to adopt PQC is driven by both regulatory and business imperatives. Regulators such as NIST and other global standards bodies are setting firm deadlines to phase out vulnerable cryptographic standards. For banks, non-compliance isn't just a regulatory risk—it could directly impact their bottom line through fines, increased compliance costs, and operational restrictions.

Beyond compliance, adopting PQC enhances business resilience. As banks increasingly compete on security and trust, early adoption can become a market differentiator. Financial institutions that take proactive steps can avoid the pitfalls of regulatory consent letters and demonstrate to customers and stakeholders that their data and transactions are secure against emerging threats.

In a sector where trust is currency, maintaining financial infrastructure security through robust cryptographic measures is not just about avoiding losses—it's about gaining a competitive advantage in an evolving digital economy.

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III. Rimark’s Strategic Approach to PQC Adoption

Rimark is positioning itself as a pivotal partner for financial institutions in the transition to post-quantum cryptography. Unlike traditional approaches that require a complete infrastructure overhaul, Rimark offers a phased strategy that begins by securing data in motion—specifically payments—before tackling broader infrastructure security.

This initial focus on payments is a pragmatic entry point. Securing payment flows with quantum-resilient encryption mitigates some of the highest-risk vulnerabilities while minimizing operational disruptions. Once the payments layer is secured, Rimark then works with institutions to lock down the entire infrastructure, offering a path to full cryptographic resilience.

Rimark’s approach is further strengthened by its status as a Visa Direct Preferred Partner, providing clients with access to over 8 billion global endpoints. Additionally, Rimark collaborates with Google Cloud for hybrid infrastructure solutions, QuSecure for crypto agility, and Accenture for change management—creating a comprehensive ecosystem that supports banks at every step of the PQC journey.

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IV. The Business Case for Early Adoption of PQC

The financial incentives for adopting post-quantum cryptography are clear. By taking proactive steps now, banks can avoid regulatory fines and mitigate the financial impact of potential consent letters, which can significantly disrupt operations and damage brand reputation.

Additionally, the cost of upgrading to PQC is an investment in future-proofing the organization. It enables financial institutions to secure data, enhance compliance, and build customer trust—all of which contribute to a stronger market position. Rimark’s approach, which minimizes operational disruptions by focusing first on securing payments, provides a clear return on investment while laying the groundwork for full infrastructure security.

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V. The Time to Prepare Is Now

Rimark’s strategic approach, beginning with securing payments and expanding to full infrastructure protection, offers a pragmatic and effective path forward. By leveraging robust partnerships with industry leaders like Visa Direct, Google Cloud, QuSecure, and Accenture, Rimark ensures that financial institutions can make the transition smoothly and securely.

The clock is ticking for financial institutions to upgrade to post-quantum cryptography. With quantum computing threats advancing rapidly and regulatory deadlines looming, early action is not just advisable—it is essential.

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